In my 40 years of cello playing I've never encountered problems with the ebony pegs on any of my instruments. Certainly I've never had any pegs go out of round. On very old instruments, much played and tuned, the holes in the peg box may become enlarged in which case a luthier will simply fill and re-drill/ream them. I think the use of lighter wood - boxwood? - pegs on violins or cellos is largely a matter of aesthetics. Some players may prefer the look, along with a lighter wood tailpiece to match the pegs. Ned
To get on or off this list see list information at http://www.cs.dartmouth.edu/~wbc/lute-admin/index.html